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XL Capital Group placed on CreditWatch

September 21, 2005 by Canadian Underwriter

Standard & Poor’s Ratings Services has placed its ratings on XL Capital Group (XL) on CreditWatch, based on the uncertainty around Hurricane Katrina’s ultimate impact on XL’s capital adequacy ratio. The ratings and outlook on XL’s ‘AAA’ rated financial guaranty

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Fitch reviews adequacy of computer-modeling

September 19, 2005 by Canadian Underwriter

Fitch Ratings in Chicago says it is reviewing “the reliability of catastrophe modeling” to support its analysis of the capital adequacy of insurers.Fitch said it presumes probabilistic vendor models used throughout the insurance industry to assess catastrophe exposures represent current,

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Reinsurers update Katrina losses

September 19, 2005 by Canadian Underwriter

Risk Management Solutions, which does catastrophe modeling, is reporting a more detailed breakdown of overall industry losses in the wake of Hurricane Katrina, a Category 4 hurricane that all but decimated New Orleans in late August.RMS is projecting industry-wide losses

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Mississippi AG sues insurance industry

September 16, 2005 by Canadian Underwriter

Mississippi Attorney General Jim Hood has filed a complaint and a motion for a temporary restraining order against the insurance industry, seeking to declare void and unenforceable certain provisions contained in property casualty insurance policies issued to Mississippi Gulf Coast

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Lloyd’s rating stable, despite Katrina losses

September 15, 2005 by Canadian Underwriter

Fitch Ratings, the international rating agency, believes the US$2.55 billion provisional estimate of net losses arising from Hurricane Katrina recently announced by Lloyd’s is within current rating expectations. As a result, “there is no immediate impact on Lloyd’s ratings,” Fitch

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Katrina mainly results in commercial lines claims

September 13, 2005 by Canadian Underwriter

Commercial insurance claims account for the majority of all New Orleans insurance claims related to Hurricane Katrina, according to Moody’s Investors Service analysts.The property/casualty industry at large will be greatly impacted by loses incurred as a result of the recent

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Insurers give Katrina victims grace period

September 8, 2005 by Canadian Underwriter

Mississippi Insurance Commissioner George Dale issued a voluntary directive last week to insurers doing business in Mississippi to grant a 60-day grace period for collection of premiums owed on all types of insurance policies by residents impacted by Hurricane Katrina.

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EQECAT raises Katrina damage estimate

September 7, 2005 by Canadian Underwriter

Potential insured losses resulting from Hurricane Katrina and its aftermath could range between $14 billion to $22 billion, according to EQECAT Inc. of Oakland, California, a company that develops software technology for extreme risk modeling. “Over the last few days

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Ontario storm costs $400 million (September 06, 2005)

September 6, 2005 by Canadian Underwriter

Canada’s car, home and business insurers expect to pay out more than $400 million to help Southern Ontario recover from an August 19 storm that resulted in what the IBC calls the “highest insured loss in Ontario history.”“To date, insurance

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Katrina causes economic loss of US$100 billion

September 2, 2005 by Canadian Underwriter

The economic loss from Hurricane Katrina and subsequent flooding in New Orleans may exceed US$100 billion, according to Risk Management Solutions (RMS). Losses are resulting from two separate catastrophic events the landfall of Hurricane Katrina in southeast Louisiana and coastal

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Katrina to cause auto insurance increase

September 1, 2005 by Canadian Underwriter

Drivers in the affected areas of Louisiana, Mississippi and Alabama may see an auto insurance rate increase of 5% to 10% as a result of the anticipated $1 billion in losses for cars damaged by Katrina.Homeowners will likely see an


Katrina’s Waves

September 1, 2005 Steve Wilson, Senior Publisher

The initial impressions of Hurricane Katrina were television shots of devastating winds and pounding storm surges. The images confirmed what many had predicted – a severe Category 4 or a Category 5 hurricane but nothing that the Southeastern U.S. and